19 June 2024, USD/JPY
USDJPY:
The USD/JPY pair exhibited limited volatility during the Asian session on Wednesday, currently trading just below the 158.00 round mark. Spot prices have remained relatively stable following the release of the Bank of Japan's (BoJ) April meeting minutes. They remain within reach of the highest level since late April, reached the previous day.
The minutes revealed that BoJ board members discussed the potential risks associated with the impact of a weak Japanese Yen (JPY) on core inflation and noted the possibility of raising interest rates earlier than expected if inflation exceeds target. However, this did little to impress the JPY bulls and failed to provide meaningful momentum to the USD/JPY pair. Despite this, subdued US dollar (USD) price action continues to act as a headwind for spot prices.
Meanwhile, comments from Bank of Japan (BoJ) Governor Kazuo Ueda on Tuesday indicated that the central bank may raise rates in July, depending on economic data. This supported the Yen. Furthermore, speculation that the Japanese authorities may intervene to support the national currency further contributed to the decline in the USD/JPY pair. Consequently, any further upward movement may still attract sellers and remain limited.
Trade recommendation: Trade mainly buy orders at the price level of 158.20. We consider sell orders at the price level of 157.50.
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